The Role of Diaspora Remittances in Socio-Economic Development of Nigeria and Policy Intervention

The ensuing development impacts of remittances, as a means of transfer of wealth, on socioeconomic factors are increasingly viewed with importance. Hence, statistics on Africans living outside their countries are estimated to be more than 30 million people. Therefore, remittances by African migrants have become significant as official development assistance. This work examines the contributions Africans in Diaspora, with reference to Nigeria in nation building and developmental strides through their remittances and the utilization of the remittances in socio-economic, development and poverty reduction. Literature on Africans in Diaspora and migrant remittances concentrate more on the sources of the remittances but say little or nothing on their economic impacts on the mass of poor Africans back home. However, the new policy interest in Diaspora reflects a broader concern with globalization which calls for greater reflection as part of this work. Pure Altruism and pure self interest theories were used to explain this work. Methodology is both qualitative and quantitative.